Bitcoin slipped beneath $7,000 to its lowest stage in three weeks on Monday, dragging down among the different giant digital tokens in its wake.
The largest cryptocurrency fell as a lot as 6 p.c to commerce with a $6,000-handle for the primary time since July 17. Final month’s renewed exuberance, which noticed it rise by virtually a 3rd, seems to be fading towards the backdrop of a difficult technical image. A collection of lower-highs present how rallies have repeatedly didn’t construct momentum.
“Bitcoin and the cryptocurrency market seem fairly weak early in August,” Bloomberg Intelligence analysts Mike McGlone and Eric Balchunas wrote in a notice Monday. “Provide, demand and worth indications stay detrimental.”
Bitcoin rivals together with Ethereum, Litecoin and Ripple additionally retreated on Monday.